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1 OFFERING CIRCULAR US$ 500,000,000 HSH Nordbank SPHERE Securities Each issued on a fiduciary basis by Banque de Luxembourg (incorporated as a société anonyme with limited liability in the Grand Duchy of Luxembourg and registered with the Register of Commerce and Companies in Luxembourg under number RCS B 5310) for the purpose of subscribing to US$ 500,000,000 Class B Preference Shares in HSH N Funding II (incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary with the benefit of a support undertaking of) HSH Nordbank AG (a stock corporation incorporated under the laws of Germany) Issue price of the SPHERE Securities: 100 per cent. The issue price of the US$ 500,000,000 HSH Nordbank Silent Participation Hybrid Equity Regulatory (SPHERE) Securities in the denomination of US$ 1,000 each (the SPHERE Securities ), issued on a fiduciary basis by Banque de Luxembourg, a société anonyme incorporated in Luxembourg (the Fiduciary ) is 100% of their principal amount. With the proceeds of the issue of the SPHERE Securities, the Fiduciary will, in its own name but at the sole risk and for the sole benefit and account of the holders of the SPHERE Securities (the Securityholders ), acquire 500,000 Class B Preference Shares (the Class B Securities ) issued by HSH N Funding II (the Company ). With the proceeds of the issue of the Class B Securities, the Company will acquire a silent capital interest in the commercial enterprise (Handelsgewerbe) of HSH Nordbank AG (the Bank ) in the form of a Stille Gesellschaft under German law (the Participation ) pursuant to an agreement providing for an asset contribution to the Bank in the amount of US$ 500,000,000 (the Silent Contribution ) and dated June 13, 2005 (the Participation Agreement ). The Bank has undertaken in a support undertaking (the Support Undertaking ) with the Fiduciary and for the benefit of the holders of the SPHERE Securities to ensure that the Company will at all times be in a position to meet its obligations under the Class B Securities. The SPHERE Securities are perpetual securities and have no fixed maturity date. They will represent a pro rata interest in the Class B Securities and all payments actually received by the Fiduciary thereunder. The Fiduciary will hold the Class B Securities in its own name, on a fiduciary basis, but solely at the risk and for the account of the Securityholders. The SPHERE Securities evidence a fiduciary contract between the Securityholders and the Fiduciary (the Fiduciary Contract ), governed by the Luxembourg law dated July 27, 2003 relating to trust and fiduciary contracts, pursuant to which the Fiduciary is only obligated to pass on funds to the Securityholders actually received from the Company under the Class B Securities but has no other payment obligations to the Securityholders. The amounts of distributions under the Class B Securities depend, among others, on the profits of the Bank. By purchasing SPHERE Securities, Securityholders will be deemed to have acknowledged and agreed to the terms of the Fiduciary Contract. Investing in the SPHERE Securities involves certain risks. Please review the section entitled Investment Considerations beginning on page 31 of this Offering Circular. The SPHERE Securities will initially be represented by a temporary global security in bearer form without coupons which will be deposited on or about June 17, 2005 (the Issue Date ) with a common depositary for Euroclear Bank S.A./N.V. as operator of the Euroclear System ( Euroclear ) and Clearstream Banking société anonyme ( Clearstream Luxembourg ), where the SPHERE Securities have been accepted for clearing. It is expected that delivery of the SPHERE Securities will be made through Euroclear and Clearstream Luxembourg against payment therefor in immediately available funds on or about the Issue Date. The temporary global security will be exchangeable for a permanent global security in bearer form upon certification as to non-us beneficial ownership. In certain limited circumstances the global securities can be exchanged for definitive SPHERE Securities (as described in Terms and Conditions of the SPHERE Securities ). The SPHERE Securities have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), or under any state securities laws and may not be offered, sold or delivered in the United States unless registered under the Securities Act or if an exemption from the registration requirements thereunder is available. The SPHERE Securities are being offered and sold only to certain persons in transactions outside the United States in compliance with Regulation S under the Securities Act. Application has been made to list the SPHERE Securities on Eurolist by Euronext Amsterdam ( Euronext Amsterdam ). This Offering Circular constitutes a prospectus for purposes of the listing and issuing rules of Euronext Amsterdam. Joint Bookrunner ABN AMRO Joint Bookrunner and Structuring Advisor HSH Nordbank AG The date of this Offering Circular is June 15, Joint Bookrunner Deutsche Bank Joint Bookrunner UBS Investment Bank

2 The Bank accepts responsibility for the information contained in this Offering Circular (the Offering Circular ). To the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this Offering Circular is in accordance with the facts and does not omit anything likely to affect the import of such information. The Company accepts responsibility for the information in this Offering Circular except for any information about other companies contained in this Offering Circular and as such provided by other parties as the Company. The Fiduciary accepts responsibility for the information contained in the first paragraph of the section entitled The Fiduciary and the Fiduciary Contract but does not accept responsibility for any other information contained in this Offering Circular. In connection with the issue and sale of the SPHERE Securities, no person is authorised to give any information or to make any representation not contained in this document and in the documents referred to herein, which are made available for inspection by the public and, if given or made, such information or representation must not be relied upon as having been authorised by the Fiduciary, the Company the Bank or the Managers (as defined in Subscription and Sale ). An investment in the SPHERE Securities is suitable only for financially sophisticated investors who are capable of fully evaluating the risks involved in making such investments and who have an asset base sufficiently substantial as to enable them to sustain any loss that they might suffer as a result of making such investments. Prospective investors should inform themselves as to the legal requirements and tax consequences within the countries of their residence and domicile for the acquisition, holding or disposal of SPHERE Securities and any foreign exchange restrictions that might be relevant to them. This Offering Circular does not constitute an offer of, or an invitation by or on behalf of, the Fiduciary, the Company, the Bank or the Managers to subscribe for or to purchase any of the SPHERE Securities. Prospective investors should satisfy themselves that they understand all of the risks associated with making investments in the SPHERE Securities. If a prospective investor is in any doubt whatsoever as to the risks involved in investing in the SPHERE Securities, he should consult professional advisers. This Offering Circular is not intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Fiduciary, the Company, the Bank or the Managers that any recipient of this Offering Circular should purchase any of the SPHERE Securities. Each investor contemplating purchasing SPHERE Securities should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Company and the Bank. The distribution of this document and the offering or sale of the SPHERE Securities in certain jurisdictions may be restricted by law. None of the Fiduciary, the Company, the Bank or the Managers represent that this document may be lawfully distributed, or that the SPHERE Securities may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, none of the Fiduciary, the Company, the Bank or the Managers has taken any action which would permit a public offering of the SPHERE Securities or distribution of this document in any jurisdiction where action for that purpose is required. Accordingly, no SPHERE Securities may be offered or sold, directly or indirectly, and neither this Offering Circular nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Offering Circular or the SPHERE Securities may come, must inform themselves about, and observe, any such restrictions (see Subscription and Sale for a description, inter alia, of certain restrictions on offers, sales and deliveries of the SPHERE Securities). Neither the delivery of this Offering Circular nor any sale hereunder shall create under any circumstances any implication that there has been no change in the affairs of the Fiduciary, the Company, the Bank or the HSH Nordbank Group (as defined in Presentation of Financial Information ) since the date hereof or that the information contained herein is correct as of any time subsequent to its date. 2

3 It should be noted that the SPHERE Securities do not represent partnership or other shareholder or ownership interests in the Fiduciary or the Company. IN CONNECTION WITH THE OFFERING, UBS LIMITED OR ANY PERSON ACTING FOR IT MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICES OF THE SPHERE SECURITIES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED TIME. HOWEVER, THERE IS NO OBLIGATION ON UBS LIMITED OR ANY OF ITS AGENTS TO DO THIS. SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST BE BROUGHT TO AN END AT THE LATEST ON THE THIRTIETH DAY FOLLOWING THE ISSUE DATE. SUCH TRANSACTIONS MAY BE EFFECTED ON EURONEXT AMSTERDAM OR OTHERWISE. The SPHERE Securities have not been, and will not be, registered under the Securities Act and are securities in bearer form that are subject to United States tax law requirements. Subject to certain exceptions, the SPHERE Securities may not be sold or delivered, directly or indirectly, within the United States or its possessions or to U.S. persons. 3

4 FORWARD-LOOKING STATEMENTS This Offering Circular contains statements that constitute forward-looking statements with respect to the Bank within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act ). All statements other than statements of historical facts included in this Offering Circular including, without limitation, statements regarding the intent, belief or current expectations of the Bank or its officers with respect to, among other things, (i) the use of proceeds of the issue of the SPHERE Securities, (ii) the Bank s financing and listing plans, (iii) trends affecting the Bank s financial condition or results of operations, (iv) the impact of competition and (v) future plans and strategies, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Bank, or industry results, to be materially different from any such statements. Such forward-looking statements are based on numerous assumptions regarding the Bank s present and future business strategies and the environment in which the Bank will operate in the future. Important factors that could cause the Bank s actual results, performance or achievements to differ materially from such forward-looking statements include, but are not limited to, those discussed under Investment Considerations, Activities and Business Description of the HSH Nordbank Group and Recent Developments and Outlook. These forward-looking statements speak only as of the date of this Offering Circular. The Bank expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Bank s expectations with regard thereto or any change in events, conditions or circumstances after the date of this Offering Circular on which any such statement is based. These statements reflect the Bank s current views with respect to such matters. PRESENTATION OF FINANCIAL INFORMATION The operations of the Bank are based primarily in Germany. The Bank s audited consolidated financial statements at and for the year ended December 31, 2004, including the notes thereto (the Financial Statements ) and the Bank s audited unconsolidated financial statements at and for the year ended December 31, 2004, including the notes thereto have been prepared in accordance with the provisions of the German Commercial Code (HGB), the Stock Corporation Act (AktG) and the Ordinance Regarding Accounting for Banks and Financial Services Institutions (RechKredV). In addition, the financial statements referred to in the preceding sentence have been prepared in accordance with the relevant statements of the Institute of Independent Auditors in Germany (IDW) and the German Accounting Standards (DRS) promulgated by the German Accounting Standards Committee (DRSC). The relevant provisions of the German Commercial Code, the Stock Corporation Act and the Ordinance Regarding Accounting for Banks and Financial Services Institutions, together with the relevant statements of the Institute of Independent Auditors in Germany and the relevant German Accounting Standards promulgated by the German Accounting Standards Committee (DRSC), collectively are defined, for purposes of this Offering Circular, as German GAAP. The Bank s consolidated financial statements reflect financial information of the Bank and its affiliates consolidated under German GAAP (together, the HSH Nordbank Group ). In this Offering Circular, unless otherwise specified, references to US$, U.S.$, $, U.S. dollars or dollars are to United States dollars and references to EUR, or euro are to the single currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty establishing the European Communities, as amended by the Treaty on European Union. Certain amounts (including percentage amounts) included in this Offering Circular have been rounded for purposes of presentation. Percentage figures included herein have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts may vary from those obtained by performing the same calculations using the figures in the financial statements referred to in the first paragraph of this section Presentation of Financial Information. 4

5 TABLE OF CONTENTS SUMMARY... 6 Introductory Summary of the Transaction... 6 Summary of the Offering... 9 Summary of the Terms of the SPHERE Securities Summary of the Terms of the Class B Securities Summary of the Terms of the Participation Summary of the Terms of the Loan Agreement Summary of the Terms of the Support Undertaking SUMMARY FINANCIAL INFORMATION SELECTED FINANCIAL INFORMATION INVESTMENT CONSIDERATIONS Risks associated with the Business of the HSH Nordbank Group Risks Relating to the German Banking Industry Risks associated with an Investment in the SPHERE Securities FOREIGN EXCHANGE RATES USE OF PROCEEDS THE FIDUCIARY AND THE FIDUCIARY CONTRACT CAPITALIZATION, REGULATORY CAPITAL, DISTRIBUTABLE PROFITS AND DIVIDENDS TERMS AND CONDITIONS OF THE SPHERE SECURITIES TERMS AND CONDITIONS OF THE CLASS B SECURITIES TERMS AND CONDITIONS OF THE PARTICIPATION TERMS AND CONDITIONS OF THE LOAN AGREEMENT TERMS AND CONDITIONS OF THE SUPPORT UNDERTAKING DESCRIPTION OF HSH N FUNDING II GENERAL INFORMATION ON THE BANK ACTIVITIES AND BUSINESS DESCRIPTION OF THE HSH NORDBANK GROUP RISK MANAGEMENT RECENT DEVELOPMENTS AND OUTLOOK REGULATION TAXATION Taxation in the Cayman Islands Taxation in the Grand Duchy of Luxembourg Taxation in the Federal Republic of Germany Taxation in the Netherlands SUBSCRIPTION AND SALE GENERAL INFORMATION

6 SUMMARY Introductory Summary of the Transaction The following paragraphs contain a brief overview of the most significant features of the transaction consisting of the issuance of the SPHERE Securities by the Fiduciary, payment of the proceeds therefrom to the Company as consideration for the Class B Securities and payment of the proceeds raised by the Company therefrom to the Bank under the Participation Agreement (the Transaction ). This overview is necessarily incomplete and investors are urged to read carefully the entire summary and the full text of the Offering Circular for a more precise description of the offered SPHERE Securities and the information concerning (i) the Transaction, (ii) the Bank, the Company and the Fiduciary and (iii) the agreements among them. If not indicated otherwise, the following description is based on the situation on the Issue Date. The Fiduciary proposes to issue US$ 500,000,000 SPHERE Securities on a fiduciary basis. Each SPHERE Security represents a pro rata interest in the investment which is held by the Fiduciary on behalf and at the sole risk of the Securityholders. Using the proceeds raised from the issuance of the SPHERE Securities, the Fiduciary will acquire 500,000 Class B Securities issued by the Company, an exempted company incorporated with limited liability under the laws of the Cayman Islands. All of the Company s ordinary shares will be held directly or indirectly by the Bank. The SPHERE Securities will represent pro rata interests in the Class B Securities. Securityholders will be entitled to all payments made under the Class B Securities by the Company to the Fiduciary. The Fiduciary will hold the Class B Securities in its own name, on a fiduciary basis, but solely at the risk and for the account of the Securityholders. The terms and conditions of the SPHERE Securities (the SPHERE Terms ) limit Securityholders recourse to distributions and/or capital payments actually received by the Fiduciary under the Class B Securities. In addition to its ordinary shares and the Class B Securities, the Company will issue 553,000 Class A Preference Shares (the Class A Securities ) in the aggregate nominal amount of US$ 553,000,000 which will be held, directly or indirectly, by the Bank. The Company will, with the proceeds raised from the issuance of the Class B Securities, acquire a silent capital interest in the aggregate amount of US$ 500,000,000 in the commercial enterprise (Handelsgewerbe) of the Bank in the form of Stille Gesellschaft under German law pursuant to the Participation Agreement. As silent partner under the Participation Agreement ( Silent Partner ), the Company will make the Silent Contribution in the form of a cash contribution of US$ 500,000,000 to the Bank as principal. In return, the Company, as Silent Partner, will earn profit participations ( Profit Participations ) calculated annually on the basis of the nominal amount of its Silent Contribution for each fiscal year of the Bank and accruing quarterly in arrear. Profit Participations will not accrue if such accrual would create or increase an annual loss (Jahresfehlbetrag) as calculated under the Participation Agreement in accordance with German GAAP ( Annual Loss ). The aggregate amount of accrued Profit Participations will be payable on June 30, 2036 and on each 30th anniversary of such date thereafter. Under the terms and conditions of the Class B Securities (the Class B Terms ), the Company is under an obligation to declare periodic distributions to the holders of the Class B Securities ( Class B Dividends ) payable quarterly in arrear and commencing September 30, Under the Class B Terms, Class B Dividends shall be payable if the Bank did not record an annual balance sheet loss (Jahresbilanzverlust) as calculated in accordance with German GAAP ( Annual Balance Sheet Loss ) for the Bank s most recent financial year for which audited financial statements are available and ended on or prior to the date on which the calculation period for the relevant Class B Dividend (the Class B Calculation Period ) ends (the Relevant Bank Fiscal Year ) and the solvency ratio is higher than 9% on a consolidated and non-consolidated basis. An Annual Balance Sheet Loss is present if the Bank s annual unconsolidated balance sheet records no balance sheet profit (Bilanzgewinn) as calculated in accordance with German GAAP ( Annual Balance Sheet Profit ). Under German GAAP, the Annual Balance Sheet Profit is derived from the annual surplus (Jahresüberschuss) adjusted for profits/losses carried over from previous fiscal years as well as transfers from and allocations to capital and earnings reserves (Kapital- und Gewinnrücklagen) (however, neither the Bank nor its shareholders are obligated to release any such reserves to avoid an Annual Balance Sheet Loss). If the Company does not declare a Class B Dividend in respect of any Class B Calculation Period, holders of the Class B Securities will have no right to receive a Class B Dividend in respect of such 6

7 Class B Calculation Period and there will be no corresponding payment by the Fiduciary to Securityholders. In such case, the Company will have no obligation to pay a Class B Dividend in respect of such Class B Calculation Period, whether or not Class B Dividends are declared and paid in respect of any future Class B Calculation Periods. The Silent Partner shares in an Annual Balance Sheet Loss in the proportion which the book value of its Silent Contribution bears in relation to the aggregate book value of all loss-sharing components of the Bank s regulatory liable capital (Haftkapitalanteile). In such case, the book value of the Silent Contribution will be reduced in the amount of its pro rata share in the relevant Annual Balance Sheet Loss ( Reduction ). Following a Reduction, future profits will be used to write-up the book value of the Silent Contribution to US$ 500,000,000 and Profit Participations may only accrue after a full write-up of the Silent Contribution s book value to US$ 500,000,000. If the book value of the Silent Contribution has not yet been fully writtenup, the Company will not declare Class B Dividends and no Class B Dividends will be paid to the Fiduciary as the holder of the Class B Securities. If the book value of the Silent Contribution has not yet been fully written-up at the time the Silent Contribution becomes due for repayment, the amount which is repaid to the Company for the Silent Contribution under the Participation Agreement (the Repayment Amount ) is reduced accordingly. In such case, the redemption amount of the Class B Securities (the Class B Redemption Amount ) to be paid by the Company to the Fiduciary will be reduced accordingly. The Company will use the proceeds from the issuance of the Class A Securities to extend a loan documented in the form of a German law governed Schuldscheindarlehen (the Loan ) to the Bank. The Company will use the interest earned under the Loan to satisfy its dividend payment obligations under the Class B Securities upon Class B Dividends having been declared. The Company will have the benefit of the Support Undertaking from the Bank (see Description of the Support Undertaking ). Payments of principal and interest under the SPHERE Securities are conditional upon receipt by the Fiduciary of Class B Dividends and the Class B Redemption Amount from the Company. Class B Dividends are dependent on (i) there being, for the relevant Class B Calculation Period, an excess of the amounts payable (whether or not paid) to the Company under the Loan over any operating expenses of the Company not paid or reimbursed by or on behalf of the Bank during such Class B Calculation Period (such excess the Company Operating Profits ) at least equal to the Class B Dividend to be paid, (ii) the Bank not recording an Annual Loss for the Relevant Bank Fiscal Year, or, if the Bank is recording an Annual Loss, but at the same time recording an Annual Balance Sheet Profit for the Relevant Fiscal Year and the Bank s solvency ratio on a consolidated and on an unconsolidated level being at least 9% and (iii) the Silent Contribution s book value corresponding to US$ 500,000,000 (i.e. no Reduction having occurred and subsisting). The Class B Redemption Amount corresponds to the Repayment Amount under the Participation Agreement or, in case the Company exercises its right of termination of the Class B Securities on or after June 30, 2011, to US$ 500,000,000. Hence, payments under the SPHERE Securities are dependent on the Bank s profitability and the Fiduciary s obligation to make interest payments ( Coupon Payments ) and capital payments ( Capital Payments ) under the SPHERE Securities are dependent on the financial condition and results of operations of the Bank. If the Bank incurs an Annual Balance Sheet Loss in any fiscal year, Securityholders will receive no Coupon Payments and may not receive Capital Payments. The SPHERE Securities have an indefinite term and will only be redeemed if the Participation Agreement is terminated and the Silent Contribution is repaid to the Company or in case the Company chooses to exercise its right of early termination of the Class B Securities on or after June 30, The Participation Agreement runs for an indefinite period. Under its terms, the Participation Agreement may only be terminated by the Bank. The Participation Agreement may not be terminated by the Company. Subject to certain exceptions described in this Offering Circular, a termination of the Participation Agreement by the Bank may only become effective on or after December 31, 2015 and only if the Bank s solvency ratio (Solvabilitätskoeffizient) sustainably exceeds 9% on an unconsolidated and consolidated basis. In addition, the Participation Agreement provides for a termination notice of two years and stipulates that no termination shall become effective without prior regulatory approval. Therefore, Securityholders should be aware that they may be required to bear the financial risks of an investment in the SPHERE Securities for an indefinite period of time. 7

8 The Bank intends to treat the proceeds it receives as a Silent Contribution under the Participation Agreement as solo tier one capital for purposes of compliance with regulatory capital requirements and to treat the proceeds received from the Company from issuing the Class B Securities as consolidated tier one capital of the Bank for purposes of determining its compliance with regulatory capital requirements. For more information on the regulatory capital requirements applicable to the Bank and the HSH Nordbank Group, see Regulation Capital Adequacy Requirements. The Fiduciary will hold the Class B Securities in its own name, on a fiduciary basis, but solely at the risk and for the account of the Securityholders. The Fiduciary will only be liable to make payments in respect of the SPHERE Securities when, as, if and to the extent that it actually receives amounts under the Class B Securities. The SPHERE Securities do not constitute direct debt obligations of the Fiduciary. Securityholders enforcement rights against the Fiduciary are limited. The following diagram outlines the relationship between the Bank, the Company, the Fiduciary and the Securityholders: HSH Nordbank AG Cash Class A Securities $553 million SPHERE Securities Investors Fiduciary $ 500 million $553 million $ 500 million Loan Cash Silent Contribution HSH N Funding II Class B Securities $ 500 million 8

9 Summary of the Offering The following overview describes the most important elements of the offering and the Transaction. It is necessarily incomplete and investors are urged to read carefully the entire summary and the full text of the Offering Circular for a more precise description of the offered SPHERE Securities and the information concerning (i) the Transaction, (ii) the Bank, the Company and the Fiduciary and (iii) the agreements among them. The following description is based on the situation on the Issue Date of the SPHERE Securities. Securities Offered Issuer Company Bank Fiduciary s obligations Class B Securities Participation Support Undertaking Principal Paying Agent Netherlands Paying Agent Rating Listing Increase of Issue US$ 500,000,000 SPHERE Securities; see ( Summary of the Terms of the SPHERE Securities ). Banque de Luxembourg, a société anonyme incorporated in Luxembourg acting on a fiduciary basis under Luxembourg law and in particular the law dated July 27, 2003 relating to trust and fiduciary contracts. See The Fiduciary and the Fiduciary Contract. HSH N Funding II, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of the Bank. HSH Nordbank AG, Hamburg and Kiel, Germany, incorporated as a stock corporation (Aktiengesellschaft) in Germany. The Fiduciary will act as a fiduciary for the Securityholders. It is only obliged to pass amounts on to Securityholders when, as, if and to the extent that those amounts are actually received by or on behalf of the Fiduciary. The SPHERE Securities do not constitute direct debt obligations of the Fiduciary. With the proceeds of the issue of the SPHERE Securities, the Fiduciary will acquire the Class B Securities issued by the Company; see Summary of the Terms of the Class B Securities. With the proceeds of the issue of the Class B Securities, the Company will acquire the Participation pursuant to the Participation Agreement; see Summary of the Terms of the Participation. The Bank has entered into an agreement with the Fiduciary in which it undertakes to the Fiduciary for the benefit of the Securityholders to ensure that the Company will at all times be in a position to meet its obligations under the Class B Terms and to procure that Class B Dividends are declared and paid as contemplated by the Company s memorandum and articles of association. See Terms & Conditions of the Support Undertaking. Deutsche Bank AG, Frankfurt, Germany. Deutsche Bank AG, Amsterdam, The Netherlands. The Bank expects that, upon issuance, the SPHERE Securities will be assigned a rating of A3 by Moody s Investors Services Limited. A rating is not a recommendation to buy, sell or hold securities, and may be subject to revision, suspension or withdrawal at any time by Moody s Investors Services Limited. Application has been made to list the SPHERE Securities on Euronext Amsterdam. The Company s memorandum and articles of association provide that the Company can acquire further silent participations in the form of a German 9

10 law Stille Gesellschaft in the Bank on terms identical to the terms of the Participation Agreement and finance such silent participations with the issuance of additional Class B preference shares on terms identical to the terms of the Class B Securities to the Fiduciary. In such case, the Fiduciary will issue additional SPHERE Securities in an aggregate principal amount corresponding to the aggregate principal amount of such newly issued Class B preference shares. Security Codes ISIN: XS Common Code: Fonds Code: The Offering Tax Consequences The Securities will be publicly offered in The Netherlands and placed privately (excluding the United States) in accordance with applicable laws and regulations. For a discussion of the material German, Cayman Islands and Luxembourg tax consequences of purchasing, owning and disposing of the SPHERE Securities, see Taxation. 10

11 Summary of the Terms of the SPHERE Securities The following summary refers to certain terms and conditions of the SPHERE Securities. The summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the terms and conditions of the SPHERE Securities which may be found under Terms and Conditions of the SPHERE Securities. The following description is based on the situation on the Issue Date of the SPHERE Securities. Issuer Nominal Amount Banque de Luxembourg, a société anonyme incorporated in Luxembourg acting on a fiduciary basis under Luxembourg law and in particular the law of July 27, 2003 relating to trusts and fiduciary contracts. US$ 1,000 per SPHERE Security. Aggregate Nominal Amount US$ 500,000,000 Issue Price 100 per cent. of nominal amount. Issue Date June 17, 2005 Maturity Form The SPHERE Securities are perpetual securities and have no fixed maturity date. The Fiduciary may redeem the SPHERE Securities only upon the occurrence of certain events (see Redemption Date and Redemption Amount and Termination and Redemption at the Option of the Company ). The SPHERE Securities will be initially represented by a temporary global security in bearer form without coupons (the Temporary Global Note ) which will be exchangeable for a permanent global security in bearer form without coupons ( Permanent Global Note ) upon certification as to non- US beneficial ownership. Beneficial interests in the Permanent Global Note will be exchangeable for definitive SPHERE Securities under limited circumstances (as described in Terms and Conditions of the SPHERE Securities ), each in bearer form. Nature of SPHERE Securities The SPHERE Securities evidence the Fiduciary Contract between the Fiduciary and the Securityholders. Under the Fiduciary Contract, the Fiduciary is obliged to hold the Class B Securities for the account and benefit and at the risk of Securityholders. It will pass to Securityholders payments actually received under the Class B Securities and the Support Undertaking, if any. Separation of Assets held by the Fiduciary Coupon Payments Assets held by the Fiduciary in its fiduciary capacity and payments actually received by it under such assets are for the benefit of Securityholders. They are neither assets of nor payments for the benefit and at the risk of the Fiduciary. Such assets and payments are not subject to claims by other creditors of the Fiduciary. The Fiduciary may not employ such assets for any purpose other than for fulfilling its obligations under the SPHERE Securities. See The Fiduciary and the Fiduciary Contract. Coupon Payments will be made at a rate of 7.25 per cent. per annum and are contingent on the Fiduciary s receipt of Class B Dividends. As holder of the Class B Securities, the Fiduciary will be entitled to Class B Dividends and is obliged under the Fiduciary Contract to pay such Class B Dividends to Securityholders if and when received. See Summary of the Terms of the Class B Securities Dividend Amounts for a description of Class B Dividend Amounts payable by the Company. 11

12 Coupon Payment Dates Redemption Date and Redemption Amount Termination and Redemption at the Option of the Company Payment of Additional Amounts Compliance with German Banking Regulations Coupon Payments under the SPHERE Securities will be made on the dates Class B Dividends on the Class B Securities are paid to the Fiduciary. Under the Class B Terms, Class B Dividends will be paid on March 30, June 30, September 30 and December 30 of each year, commencing September 30, 2005 (see Summary of the Terms of the Class B Securities Dividend Payment Dates ). The SPHERE Securities will be redeemed after the Class B Securities have been redeemed. The Class B Securities will be redeemed after the Participation Agreement has been terminated by the Bank at its option (subject to certain restrictions set out in the Participation Agreement, see Summary of the Terms of the Participation Termination ) or in case the Company chooses to exercise its right of termination of the Class B Securities on or after June 30, 2011 in accordance with the Class B Terms. In the latter case such redemption may only occur upon 30 days notice to the Securityholders in accordance with the SPHERE Terms. In any such case, the aggregate Capital Payments will equal the Class B Redemption Amount (subject to receipt thereof by the Fiduciary). If the SPHERE Securities are redeemed on the date on which the Silent Contribution is repaid, the Class B Redemption Amount will equal the Repayment Amount required to be paid by the Bank under the Participation Agreement (see Summary of the Terms of the Participation Repayment ). If the SPHERE Securities are redeemed on or after the Company has exercised its right of termination of the Class B Securities, the Class B Redemption Amount will be US$ 500,000,000. The Fiduciary will redeem the SPHERE Securities when the Company redeems the Class B Securities. The Company may call the Class B Securities for redemption, in whole but not in part, with effect on any due date for Class B Dividends (however, other than for tax and regulatory reasons, such call for redemption shall not take effect earlier than June 30, 2011) and redeem the Class B Securities at their nominal amount plus any Class B Dividends accrued thereon. Under the Class B Terms, any such early termination shall not require a contemporaneous termination of the Participation Agreement and payment of the Repayment Amount thereunder and shall only be permissible if financing of the redemption of the Class B Securities at their nominal amount plus any interest accrued thereon has been secured through the issuance of similar securities or in any other way. In such case, the Class B Dividend payable will be calculated on the basis of the actual number of days elapsed since the last date on which a Class B Dividend was paid divided by 360 (the number of days to be calculated on the basis of a year consisting of 12 months of 30 days each). If (i) the Company is required to withhold or deduct amounts payable under the Class B Securities on account of tax, or (ii) the Fiduciary is required to withhold or deduct amounts payable under the SPHERE Securities on account of tax, the Bank will, subject to certain exceptions set forth in the Class B Terms and in the SPHERE Terms, be under an obligation to gross up those amounts so that the Securityholders receive the full amounts payable if no such withholding or deduction were required. Under applicable German banking regulations, any repayment of the Silent Contribution to the Company made in violation of the terms of the Participation Agreement must be repaid to the Bank. 12

13 Material Limitations of Fiduciary s Obligations The terms of the SPHERE Securities provide that the Fiduciary has no obligation to disclose to Securityholders any non-public information that may be in its possession and is of significance in connection with the SPHERE Securities or information on any other business transactions between the Fiduciary and the Company or the Bank. The terms of the SPHERE Securities provide that the Fiduciary s liability is limited to wilful misconduct and gross negligence. Enforcement Rights Securityholders enforcement rights against the Fiduciary are limited. Direct action against the Fiduciary as issuer of the SPHERE Securities may only be brought if the Fiduciary defaults on payment to the Securityholders of amounts actually received under the Class B Securities or the Support Undertaking and due to Securityholders. Action in relation to payment defaults under the Class B Securities and the Support Undertaking may only be brought by the Fiduciary and not by Securityholders. Upon a default with respect to any amounts owed to the Fiduciary by the Company or the Bank, the Fiduciary may seek at any time at its discretion and without notice any remedy available to it under applicable law. Under the SPHERE terms, the Fiduciary will only be bound to seek any such remedy if (i) it shall have been so directed either by an extraordinary resolution of the Securityholders and (ii) it shall have been indemnified by the relevant Securityholders to its reasonable satisfaction. Meetings of the Securityholders are convened by the Fiduciary. The Fiduciary is required to convene a meeting after receiving a request in writing of Securityholders holding not less than one tenth of the aggregate principal amount of the SPHERE Securities. The terms of the SPHERE Securities provide that action against the Fiduciary may only be brought in the district court of Luxembourg. If the Fiduciary fails to take legal action against the Bank in respect of the Support Undertaking or against the Company in respect of the Class B Securities within a reasonable time, then the Securityholders may be entitled, subject to certain conditions, to institute legal action against the Company in respect of the Class B Securities or against the Bank in respect of the Support Undertaking (see The Fiduciary and the Fiduciary Contract ). Notices All notices to the Securityholders will be given by the Fiduciary (i) so long as any of the SPHERE Securities are listed on Euronext Amsterdam and Euronext Amsterdam so requires, by publication in the daily official list of Euronext Amsterdam (Officiële Prijscourant) and a leading newspaper having general circulation in Amsterdam (which is expected to be Het Financieele Dagblad), (ii) by mail, fax or electronically to Clearstream Luxembourg and Euroclear and (iii) to the Netherlands Paying Agent. In accordance with its published rules and regulations, Clearstream Luxembourg and Euroclear will notify the Securityholders accounts to which any SPHERE Securities are credited of any such notices received by it. Issue of further SPHERE Securities The Company s memorandum and articles of association provide that the Company can acquire further silent participations in the form of a German law Stille Gesellschaft in the Bank on terms identical to the terms of the 13

14 Participation Agreement and finance such silent participations with the issuance of additional Class B preference shares on terms identical to the terms of the Class B Securities to the Fiduciary. In such case, the Fiduciary will issue additional SPHERE Securities in an aggregate principal amount corresponding to the aggregate principal amount of such newly issued Class B preference shares. Place of Jurisdiction Governing law Luxembourg City. Luxembourg. 14

15 Summary of the Terms of the Class B Securities The following summary refers to certain terms and conditions of the Class B Securities. The summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the terms and conditions of the Class B Securities which may be found under Terms and Conditions of the Class B Securities. The following description is based on the situation on the Issue Date. Company Class B Securities and other securities issued by the Company Nominal Amount HSH N Funding II, an exempted limited liability company registered in the Cayman Islands. The Class B Securities will be the class B preference share capital in the Company, consisting of 500,000 Class B Preference Shares of US$ 1,000 par value each to be issued on or about the Issue Date. In addition to the Class B Securities the Company has an authorized ordinary share capital of 10 ordinary shares with a par value of US$ 1,000 each (all of which are issued and are held, directly or indirectly, by the Bank) and the Company has an authorized class A preference share capital of 1,050,000 Class A Preference Shares of US$ 1,000 par value each, 553,000 of which will be issued concurrently with the Class B Securities and subscribed for, directly or indirectly, by the Bank and the remainder of which are intended to be issued to the Bank in lieu of dividends under the Class A Securities. US$ 1,000 per Class B Security. Aggregate Nominal Amount US$ 500,000,000 Issue Price Form 100% of the nominal amount. The Class B Securities will be issued in registered form, without interest coupons. Issue Date June 17, Maturity Class B Calculation Periods Dividend Payment Dates The Class B Securities are perpetual securities and have no fixed maturity date. They may nevertheless be redeemed upon the occurrence of certain events, subject to certain conditions (see Redemption Date and Redemption Amount ). Under the Class B Terms, Class B Dividends are payable in respect of Class B Calculation Periods. Class B Calculation Periods commence on March 30, June 30, September 30, and December 30 (each inclusive) and end on (exclusive) the day on which the next Class B Calculation Period commences. The first Class B Calculation Period will be from the Issue Date (inclusive) to September 30, 2005 (exclusive). The last Class B Calculation Period will end on the date of redemption of the Class B Securities (exclusive). Class B Dividends for each Class B Calculation Period are payable on the day immediately following their last day (being March 30, June 30, September 30 and December 30 of each year, commencing September 30, 2005) or, if any of these is not a Business Day, the next Business Day. Business Day means a day (other than a Saturday or a Sunday) which is neither a legal holiday nor a day on which commercial banks are authorised or required by law, regulation or executive order to close in Kiel, Luxembourg or New York City. Dividend Amounts Subject to having been declared in accordance with the Class B Terms, Class B Dividend Payments for each Class B Calculation Period shall be 15

16 in an amount of 7.25% per annum on the paid up value of the Class B Securities calculated on the basis of the actual number of days elapsed in the relevant Class B Calculation Period divided by 360 (the number of days to be calculated on the basis of a year consisting of 12 months of 30 days each). Class B Dividends are expected to be paid out of the Company Operating Profits. Class B Dividends are authorized to be declared and paid in relation to any Class B Calculation Period, if: the Bank has (i) an amount of unconsolidated net profit (Jahresüberschuss) for the Relevant Bank Fiscal Year at least equal to the aggregate amount of (x) Parity Security Distributions (as defined below) already paid for or in relation to the Relevant Bank Fiscal Year and (y) the relevant Class B Dividend to be paid or (ii) in case the unconsolidated net profit (Jahresüberschuss) for the Relevant Bank Fiscal Year is not sufficient, an amount of Annual Balance Sheet Profit for the Relevant Bank Fiscal Year, at least equal to the aggregate amount of foregoing (x) and (y) and the Bank s solvency ratio is at least equal to 9% on a solo and on a consolidated basis; and the Silent Contribution s book value corresponds to US$ 500,000,000 (i.e. no Reduction occurred and is subsisting); and the Company has an amount of Company Operating Profits for the relevant Class B Calculation Period at least equal to the amount of the relevant Class B Dividend. If the amount by which the Annual Balance Sheet Profit exceeds the aggregate of Parity Security Distributions already paid for or in relation to the Relevant Bank Fiscal Year does not correspond to the full amount of the Class B Dividend that could accrue for the relevant Class B Calculation Period, such Class B Dividend will accrue partially in the amount of such excess. Parity Security Distributions are distributions on Parity Securities. Parity Securities are all (i) securities and other instruments issued by the Bank and (ii) all securities or other instruments issued by a consolidated affiliate of the Bank and subject to any guarantee or support agreement of the Bank, where the Bank s obligation to make distributions (in the case of (i)) or, as the case may be, the Bank s obligation under such guarantee or support agreement (in the case of (ii)) ranks pari passu with the Bank s obligations under the Participation Agreement. The securities issued by (i) Banque de Luxembourg, Luxembourg, acting in a fiduciary capacity in February 2002 and trading on the Luxembourg Stock Exchange under ISIN XS , (ii) RESPARCS Funding Limited Partnership I, Hong Kong, in December 2002 and trading on the Luxembourg Stock Exchange under ISIN XS , and (iii) RESPARCS Funding II Limited Partnership, Jersey, in May 2003 and trading on the Frankfurt Stock Exchange and Euronext Amsterdam under ISIN DE are Parity Securities. 16

17 In determining the aggregate Parity Security Distributions for a Relevant Bank Fiscal Year, any Parity Security Distributions (i) by the Bank which, under German GAAP, were deducted prior to the determination of the Annual Balance Sheet Profit for the Relevant Bank Fiscal Year and (ii) by the relevant consolidated affiliate of the Bank where such distributions are funded with payments from the Bank which, under German GAAP, were deducted prior to the determination of the Annual Balance Sheet Profit for the Relevant Bank Fiscal Year, shall not be taken into account. Capital Repayments Redemption Date and Redemption Amount The Company s memorandum and articles of association do not permit any capital repayments on the Class B Securities other than a return of capital on winding up of the Company or a repayment in accordance with the terms of the Class B Securities (see Redemption Date and Redemption Amount ). The Class B Securities will become due for redemption in cash on the date on which the Silent Contribution becomes repayable to the Silent Partner in accordance with the Participation Agreement. On such date (the Class B Redemption Date ), the Class B Securities will be redeemable by a payment in cash. The Silent Contribution becomes repayable following the termination of the Participation Agreement in accordance with its terms (see Summary of the Terms of the Participation Termination, Summary of the Terms of the Participation Termination Date and Summary of the Terms of the Participation Repayment Date ). In such case, the Class B Securities will be redeemed by the Company by paying the Repayment Amount under the Participation Agreement to the Fiduciary. In addition, the Company is entitled to terminate the Class B Securities on or after June 30, 2011 in accordance with the Class B Terms. If the SPHERE Securities are redeemed on or after the Company has exercised its right of termination of the Class B Securities, the Class B Redemption Amount will be US$ 500,000,000. Either of such payments of cash will satisfy the Company s obligations in respect of redemption of the Class B Securities, even if the book value of the Silent Contribution, or the Repayment Amount, is less than the aggregate nominal amount of the Class B Securities. Ranking of Class B Securities Subject to Class B Dividends not being declared in accordance with the Class B Terms, no shareholder in the Company other than holders of the Class B Securities have a right to share in interest payments received under the Loan and certain other assets of the Company. No shareholder in the Company other than holders of the Class A Securities have a right to share in (a) the Aggregate Accrued Profit Participation (as defined in Summary of the Terms of the Participation Payment Dates for Accrued Profit Participations ) nor (b) any amount of principal under the Loan and certain other assets of the Company. Where the claims of creditors exceed the assets of the Company, excluding those assets identified as being exclusively for the benefit of the holders of the Class A Securities or exclusively for the benefit of the holders of the Class B Securities, those creditors claims will first be met with the proceeds of the assets identified as being exclusively for the benefit of the holders of the Class B Securities and thereafter with the proceeds of the assets identified as being exclusively for the benefit of the holders of the Class A Securities. 17

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